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Federal Updates
ED issues DCL providing revised addendum and Plain Language Disclosure for Stafford MPN
Last week, ED issued Dear Colleague Letter (DCL) FP-07-02, providing a revised addendum and Plain Language Disclosure (PLD) for the Federal Stafford Loan Master Promissory Note (Stafford MPN). These documents explain changes made to Stafford loan annual loan limits by the Higher Education Reconciliation Act of 2005 (HERA). The addendum and PLD must be provided to borrowers to inform them of the changes made to the terms of their loans by the HERA.
An overview of the recent changes to the school as lender program and the use of eligible lender trustees
To say that there have been a lot of changes to the Title IV programs over the last twelve months would certainly be an understatement — and it looks like the season of change will continue for quite some time. One area of Title IV administration that has, in particular, undergone quite an evolution since last February is the school as lender program. This article provides an overview of recent changes to the school as lender (SAL) program and the use of eligible lender trustees (ELTs).
Closed school corner
The Department of Education announces five new closures.
TG Updates
TG and AAHHE to co-sponsor first institute to explore keys to Latino success in college
TG and The American Association of Hispanics in Higher Education (AAHHE) are jointly sponsoring a Latino Student Success Institute on March 9, 2007 in Costa Mesa, CA, to address the lagging pace of Hispanics' participation in college programs.
2007 TG Annual Conference offers a sure bet for the spring conference season
If you're looking for one industry event that gives you a well-rounded menu of training on financial aid, look no further than the TG Annual Conference. Each year, participants give the conference consistently high marks for its comprehensive workshops on regulatory and industry topics and for its dynamic presenters, many of whom are career professionals in the field.
AIE™ launches enhanced Scholarship Search
This past month, TG upgraded AIE's Scholarship Search feature to make finding scholarships even easier. The new Scholarship Search contains information on more than 10,000 scholarships with a combined value of more than $7 billion. The Scholarship Search offers a variety of key information about each scholarship, including award amounts, deadlines, sponsor and/or contact information, the number of awards offered, and the type of award.
Daylight Saving Time change coming March 11 weekend
A new law sets a new time period for observing Daylight Saving Time (DST). The Energy Policy Act of 2005 mandates that DST will start on the second Sunday in March and end on the first Sunday in November. In 2007, the start and stop dates will be March 11 and November 4, respectively. These dates are different from previous DST start and stop dates. In 2006, the dates were the first Sunday in April — April 2 — and the last Sunday in October — October 29.
Reminder: Using TG claims Indemnification Agreement in lieu of original prom note
As allowed in subsection 13.1.D of the Common Manual, TG claims will accept a signed, notarized indemnification agreement for the purpose of claim filing on a loan for which the original promissory note is lost, missing, or damaged.
Trends and Issues
Question of the week
Does the increase to the regular additional unsubsidized Stafford annual loan limit for graduate and professional students — from $10,000 to $12,000 for loans first disbursed on or after July 1, 2007 — also apply to the additional unsubsidized Stafford annual loan limits available to health profession students?
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